A man borrowed P 20,000 from a local commercial bank which has a simple interest of 16%

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A man borrowed P 20,000 from a local commercial bank which has a simple interest of 16% but the interest is to be deducted from the loan at the time that the money was borrowed and the loan is payable at the end of one year. How much is the actual rate of interest.

Posted Date: Jun 25, 2024 05:04 PM

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A man borrowed P 20,000 from a local commercial bank which has a simple interest of 16%

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